According to @KobeissiLetter, the number of countries in the MSCI All Country World Index making 52-week new highs has reached 47, the highest on record, meaning 67 percent of countries in the index are at record levels and surpassing the previous all-time high, source: The Kobeissi Letter. For trading relevance, elevated global equity breadth is a widely watched risk momentum gauge that can coincide with broader risk appetite; crypto and equity price co-movements have risen notably in recent years, increasing the potential for spillovers to digital assets, source: IMF staff research by Adrian, Iyer, and Qureshi (2022).

According to @KobeissiLetter, roughly 94% of MSCI All Country World Index markets are trading above the 200-day moving average, near a five-year high, while about 87% are above the 50-day moving average, the highest since July. Source: The Kobeissi Letter. Breadth this strong aligns with trend-following conditions where prices above medium and long-term moving averages historically favor staying long across global equities. Source: Moskowitz, Ooi, and Pedersen, Time Series Momentum, 2012. For crypto positioning, higher equity risk-on breadth has been associated with stronger stock–Bitcoin comovement, making BTC and ETH more sensitive to equity momentum and liquidity trends during such phases. Source: International Monetary Fund, Crypto Prices Move More in Sync With Stocks, 2022.

According to @KobeissiLetter, the MSCI All Country World Index (ACWI) is up roughly 20% year-to-date, putting this year on track for its strongest annual performance since 2019, source: @KobeissiLetter. This advance is nearly double the 10-year average return of about 11% and would mark a third consecutive annual gain in the index, signaling a broad risk-on backdrop across global equities, source: @KobeissiLetter. For crypto traders, risk-on equity regimes have historically coincided with stronger co-movement between Bitcoin and stocks, with the IMF documenting a sharp rise in BTC–S&P 500 correlation during 2020–2021, source: IMF blog by Tobias Adrian, Tara Iyer, and Mahvash S. Qureshi Narain, 2022. This cross-asset linkage suggests monitoring ACWI momentum and equity volatility as inputs for BTC and ETH positioning and risk management when equity strength accelerates, source: IMF blog by Tobias Adrian, Tara Iyer, and Mahvash S. Qureshi Narain, 2022.

According to @KobeissiLetter, the MSCI All Country World Index has gone 159 trading days without a 5% drawdown, the longest stretch since 2016–2018, and the index spans 23 Developed and 24 Emerging Markets covering roughly 85% of global equities, source: @KobeissiLetter, Dec 1, 2025. For traders, extended global equity resilience aligns with broader risk-on conditions, and crypto’s co-movement with equities has strengthened since the pandemic, source: International Monetary Fund (Crypto Prices Move More in Sync With Stocks), Jan 2022. Given the ACWI backdrop, monitoring BTC and ETH alongside equity risk gauges can help anticipate correlation-driven flows and potential volatility spillovers if a pullback emerges, source: International Monetary Fund (Crypto Prices Move More in Sync With Stocks), Jan 2022; @KobeissiLetter, Dec 1, 2025.